DS Smith’s Fordham plant churned out more than 3 million cardboard boxes a day as the World Cup approached, a testament to the company’s scale. General Manager Gary Cowling praised the speed and quality of the output, noting that humidity controls the crispness of the board as it exits the presses for packaging demands today everywhere.

The merger that collapsed saw International Paper, after outbidding Mondi, acquire DS Smith for £6.8 bn last year. IP later reversed, citing that the deal would cut US returns and complicate its recycling‑heavy portfolio. Shares fell sharply on the announcement, damaging confidence in the transaction investors viewed the move as a significant misstep that could hinder future consolidations in the cardboard market.

DS Smith now plans to split its US and European units, relisting the European side in London. With only 15 percent of the market combined with Mondi, the company faces a fragmented sector where the top five firms control just 40 percent. Simplifying operations could restore focus on shelf‑ready packaging and cost efficiency for industry leaders and shareholders seeking steady growth in an unstable environment.

The reversal underscores the limits of cross‑border consolidation in a market where recycling rates differ sharply—over 80 percent in Europe versus less than half in the US. For investors, the episode signals that even large players must weigh operational fit against market saturation before committing to costly mergers in the industry.